In a recent sustainability report, the company revealed that it had just 49 black executives and senior managers working in the US.
April 21, 2021
2 minutes of reading
While promising to promote racial equality and economic opportunity for marginalized communities, Goldman Sachs there is still a lack of diversification in its leadership positions.
In it recent 2020 sustainability report, the company highlights its commitment to Black women through its One Million Black Women program – an initiative that invests more than $ 10 billion in organizations led by black women. However, other data in the report reveal that the company currently employs only 49 Blacks in executive and senior management positions. That figure represents 3.2% of senior positions at Goldman Sachs.
The report also found that there were only 105 Black employees in lower-level management roles. Furthermore, of the 12,521 professionals employed by the Wall Street company, only 870 are Black (452 are Black men and 418 are black women).
As a result, the numbers appear to contradict the message of CEO David M. Solomon’s letter to shareholders found at the top of the report.
“[As] This year’s report explains that we have made good progress on our aspirational inclusion and diversity goals, “he wrote, adding that” there is still a long way to go “and he will continue to endeavor to diversify and integrate “is a personal priority. . “
The report was released weeks after Solomon addressed the criticism around the exhaustion of employees at the company. A viral PowerPoint presentation shows some first-year analysts working 100 hours a week. In response, Solomon said he would try to get the lower bankers to overwork for at least one day a week.
Goldman Sachs is one of a number of companies facing growing calls to diversify its senior leadership team. Recently, JPMorgan Chase revealed that 5% of US executives and senior management are black. Morgan Stanley has also released a report that says just over 2% of its senior leaders are black.